Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1887-10-07
OUR RAILROAD INTERESTS,
MEETING OF THE BURLINGTON AND
lAMOILLE STOCKHOLDERS
Preferred stock to the Amount of $780,
600 Authorized for the Redemption of
tho First and Second Mortgage
Bonds-Present Condition Of
the Roads Finances

\ special meeting of the stockholders of
the Burlington and Lamoille road was
held ut the Van Ness House parlors Sat
urday to take action with reference 10 the
first and second mortgage bonds. There
were present of the stockholders G.. l..
Linsley, G. NJ. Spaulding, 10 d. Hatch
and f. W. Peck Of Burlington George
w. Heudee of Worthwhile, Waldo Brig
ham Of Hyde Park, Henry Smile of Cam
bridge, l. L. Terrill Of Underhill and l..
b. Howe of Jericho g. w. Writers, ESD.
appeared in behalf of some of the first
and second mortgage bondholders, and
Acting Mayor Sutton aud City Attorney
Robert Roberts represented the city of
Burlington. C.. NJ. Sp6udiug presided
with II. w. Peek as clerk. Before taking
any action the stockholders participated
in general discussion and the situation
was shown to be rs follows:
The stock of the road first issued con
sisted of 5407 shares, the par value of
when was 500 per share. The company
next issued first mortgage bonds for $500
600 on which the interest was not guar
auteeu, and The company not being able to
iluat TINS amount II WaS decided to issue
first mortgage bonds to the amount of 5000.
900, with interest guaranteed at Z per cent
Ilu5- VINO had purchased the prior bonds
We're allowed to exchange them for the
guaranteed at the rate OF for l. the hold
ers having ptit for the former but 81 Der
cent OF their face value The company Af-
terWIrd issued second mortgage bond, for
500 GOD tor the purpose Of completing and
equippIug he road. Interest has never
been pdld Outhe second mortgage bonds Duo|
the Interest was kept up ON tae FIRST mort,
gage bonds until 1851 since which wear IN
tereet mas been defau.teu. In CONSEQUENCE
Of this dcfadlt the first MORTGAGE bonds
were toreclosed 10 the United states Cir
cult Court for the district OF Vermont
October ,, 1856, and'the equity Of redemp-
ton expires October 5 next, unless re
deemei or unless the time OF redenptiuu
il extended by the court
Ii Is understood that an application will
be made 20 extend the time not to exceed
Iour months amt 1t II eNpec ed that al
parties Interested will consent to the same
Ihe above foreclosure was brought by
jackson, Sharp g. Co. and others.
~ the terms OF the foreclosure the other
hrst mortgage bond holders were asked to
come in and join the orators in their suit
Nearly all the 100000 of bonds were
proven before the special master
appointed by the court but b. p
Cheney of Boston, who proved
bOudS TO the amount of 81, 900, being
the only bOndhOder residing outside of
the state, he was the only bondholder per
a nertv ~ the snir " Jo.g w ~ oIatoIs as
of N1ntnsiio, ,,.ha b,iiI A. 'Hnsu !H
.m1nUf ~ oyar as9 600 ooitHs 10 .le
court and was admitted as u party defend
shorId aien NO 'i1 tI, Cnat us potlu9
No sh"rid ma aa,,ts - ~ ,,iI oo,pslny oL 'ndt
renaGt "r tb ~ p'i 0lpaUe III 'he
Snh.eo ~ ny ~ 10 ~, e;,.A,
SUIT in the Supreme Court, Cheney and
nI'l',"o ,rd "lIl o. o. lore
fa, The rnnnt,S " Oh CnSncery
r.'l ,l,foi,. l,,., 800 IA u. 'oU auu
INA f,,t5s,|. ,;i'..,' H.. -. UpoH M S"uIe'
IN We ~ 0,o H., y 40 lei'i S'i '' u
,I+.i,G ~ " - - o''' VI Il ' vac
"a .,.usr.io,, - Ia, u,G' 60 ,tno
,,l,.IInt, ~ tj,a 49,. 80 'et
C.,irt All tSr .,,, Az 'i,1 ~ 0''l'
Tsls .af,, taa t...,,''.. a. H..
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